Former quarterback for the National Football League (NFL), Tom Brady, has reportedly suffered a substantial financial setback of tens of millions of dollars in FTX stock, due to the crypto exchange’s failure. Brady is among several high-profile figures facing legal action from FTX customers, following their public endorsements of the now-defunct crypto trading platform.
Brady and Bündchen Received Multi-Million Dollar Payment in FTX Stock
Tom Brady, a seasoned NFL quarterback, was paid $30 million by FTX, with the majority of the payment being in the form of company stock, according to a report disclosed by the New York Times last Friday. Brady, a revered figure in U.S. football, was prominently featured in advertisements for the digital asset exchange prior to its filing for bankruptcy protection in November 2022.
In addition to Brady, who acted as an ambassador for FTX, his ex-spouse, globally recognized supermodel Gisele Bündchen, also received $18 million in stock, the report highlighted. The stock’s value has diminished significantly following FTX’s collapse, once a major player in the crypto trading platform space, the founder of which now faces a criminal trial.
Brady, Bündchen, and other well-known figures have been implicated in a lawsuit initiated by disgruntled FTX customers, due to their promotional efforts for the unsuccessful exchange. Other endorsers of the crypto platform include tennis champion Naomi Osaka and Golden State Warriors player Stephen Curry.
NBA Hall of Famer, Shaquille O’Neal, also a promoter, was issued a legal summons in the class-action lawsuit in April, reportedly after a prolonged attempt to evade it.
As the New York Times reported, Brady and Bündchen were central to a $20 million advertising campaign for FTX. Brady was seen sharing Tiktok videos with FTX’s founder and previous CEO, Sam Bankman-Fried, shot at the FTX headquarters in the Bahamas. Bankman-Fried was apprehended there in January and extradited to the U.S., where he faces charges of investor fraud.
In addition, the paper mentioned that pop superstar and Grammy Award recipient Taylor Swift was in negotiation with FTX and after protracted deliberations, entered into an agreement with the exchange potentially worth up to $100 million. However, it was later divulged that Bankman-Fried eventually withdrew from the deal, as per sources privy to the matter.
How do you see the lawsuit against the celebrity endorsers of the failed crypto exchange FTX unfolding? We welcome your thoughts in the comments section below.
Frequently Asked Questions (FAQs) about Tom Brady FTX Loss
What is the reported financial loss faced by Tom Brady in relation to FTX?
Former NFL quarterback Tom Brady has reportedly suffered a financial loss of tens of millions of dollars in FTX stock, following the collapse of the crypto exchange.
Why are Tom Brady and other celebrities facing lawsuits?
Tom Brady and other high-profile figures endorsed FTX, the failed crypto trading platform. Customers of FTX have filed lawsuits against these celebrities, holding them accountable for their endorsements.
How much did Tom Brady and Gisele Bündchen receive in FTX stock?
Tom Brady received $30 million in FTX stock, while Gisele Bündchen, his ex-wife, received $18 million in stock. These payments were part of their endorsement deals with FTX.
Who else was involved in promoting FTX?
Besides Tom Brady, FTX was also endorsed by celebrities such as tennis star Naomi Osaka, NBA player Stephen Curry, and retired NBA player Shaquille O’Neal. They have also been named in the lawsuits filed by FTX customers.
What happened to FTX’s founder, Sam Bankman-Fried?
Sam Bankman-Fried, the founder of FTX, was arrested in the Bahamas in January and extradited to the United States. He is currently facing criminal charges for defrauding investors.
Did Taylor Swift have a deal with FTX?
There were talks between Taylor Swift and FTX for a potential endorsement deal that could have been worth up to $100 million. However, the deal eventually fell through when FTX’s founder withdrew from the agreement.
More about Tom Brady FTX Loss
- New York Times: The New York Times article that provides detailed information about Tom Brady’s loss in FTX stock and the lawsuits faced by celebrity endorsers.
- FTX Exchange: Official website of the FTX crypto exchange, which provides information about the exchange and its history.
- NFL: Official website of the National Football League (NFL), where you can find more information about Tom Brady’s football career.
- Sam Bankman-Fried: Wikipedia page providing information about Sam Bankman-Fried, the founder of FTX, and his legal situation.
- Taylor Swift: Official website of Taylor Swift, where you can find information about her career and projects.